Likuiditas Obligasi di Tengah Asimetri Informasi dan Inflasi pada Manufaktur BEI 2023-2025
DOI:
https://doi.org/10.21009/wahana.21.017Kata Kunci:
Bid-Ask Spread, Inflasi, Likuiditas Obligasi, Rating Obligasi, Ukuran ObligasiAbstrak
Penelitian ini menganalisis faktor-faktor yang mempengaruhi likuiditas obligasi korporasi pada perusahaan manufaktur di Bursa Efek Indonesia periode 2023–2025. Variabel yang diuji meliputi umur obligasi, ukuran obligasi, kapitalisasi obligasi, rating obligasi, bid-ask spread, dan inflasi. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder dari BEI, PEFINDO, laporan keuangan, dan BPS. Sampel terdiri dari 129 observasi obligasi yang dipilih dengan purposive sampling dan dianalisis menggunakan regresi linier berganda. Hasil menunjukkan bahwa umur obligasi, bid-ask spread, dan inflasi berpengaruh negatif signifikan terhadap likuiditas, sedangkan ukuran obligasi dan rating berpengaruh positif signifikan. Kapitalisasi obligasi tidak berpengaruh signifikan. Temuan ini menegaskan bahwa kualitas informasi, biaya transaksi, dan kondisi makroekonomi berperan penting dalam menentukan likuiditas obligasi korporasi. Penelitian ini diharapkan menjadi masukan bagi investor, emiten, dan regulator dalam meningkatkan efisiensi pasar obligasi.
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